Attached files
| file | filename |
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| 8-K - 8-K - MAUI LAND & PINEAPPLE CO INC | a13-17219_18k.htm |
Exhibit 99.1
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NEWS RELEASE |
Contact: |
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Tim T. Esaki |
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(808) 665-5480 |
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tesaki@mlpmaui.com |
MAUI LAND & PINEAPPLE REPORTS 2nd QUARTER 2013 RESULTS
KAPALUA RESORT, Hawaii, July 24, 2013 (BUSINESS WIRE) —
Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported net income of $831,000, or $0.04 per share, for the second quarter of 2013, compared to a net loss of $1.0 million, or $(0.06) per share for the second quarter of 2012. The Company reported revenues of $3.1 million and $3.5 million during the second quarters of 2013 and 2012, respectively.
In June 2013, the Company sold a 7-acre parcel that was the last of its former agricultural processing facilities in central Maui for $4.0 million. The sale resulted in a gain of $1.9 million.
For the six months ended June 30, 2013, the Company reported a net loss of $1.0 million, or $(0.05) per share, compared to a net loss of $1.3 million, or $(0.07) per share, for the six months ended June 30, 2012. The Company reported revenues of $6.5 million and $8.8 million during the six months ended June 30, 2013 and 2012, respectively.
In January 2012, the Company sold an 89-acre former agricultural parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of approximately $1.4 million.
Additional Information
Additional information with respect to Maui Land & Pineapple Company, Inc. and our 2nd quarter 2013 operating results will be available on our Form 10-Q filed with the Securities and Exchange Commission and our website www.mauiland.com.
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate. The Company owns approximately 23,000 acres of land on Maui and manages properties, utilities, and a nature preserve at the Kapalua Resort.
# # #
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
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Three Months Ended June 30, |
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2013 |
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2012 |
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(in thousands except |
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share amounts) |
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OPERATING REVENUES |
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|
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Real estate |
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|
|
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Commissions |
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$ |
95 |
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$ |
244 |
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|
Leasing |
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1,197 |
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1,479 |
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Utilities |
|
956 |
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714 |
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Resort amenities and other |
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859 |
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1,015 |
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Total Operating Revenues |
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3,107 |
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3,452 |
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|
|
|
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OPERATING COSTS AND EXPENSES |
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|
|
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Real estate |
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|
|
|
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Other |
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442 |
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431 |
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Leasing |
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609 |
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636 |
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Utilities |
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539 |
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258 |
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Resort amenities and other |
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830 |
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1,000 |
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General and administrative |
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730 |
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744 |
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Gain on asset dispositions |
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— |
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(31 |
) | ||
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Depreciation |
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688 |
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730 |
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Pension and other postretirement expense |
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222 |
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266 |
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Total Operating Costs and Expenses |
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4,060 |
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4,034 |
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Operating Loss |
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(953 |
) |
(582 |
) | ||
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Interest expense, net |
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(506 |
) |
(466 |
) | ||
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Loss from Continuing Operations, net of income taxes of $0 |
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(1,459 |
) |
(1,048 |
) | ||
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Income from Discontinued Operations, net of income taxes of $116 |
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2,290 |
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14 |
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NET INCOME (LOSS) |
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831 |
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(1,034 |
) | ||
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Pension, net of income taxes of $0 |
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228 |
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185 |
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COMPREHENSIVE INCOME (LOSS) |
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$ |
1,059 |
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$ |
(849 |
) |
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NET INCOME (LOSS) PER COMMON SHARE—BASIC AND DILUTED |
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Continuing Operations |
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$ |
(0.08 |
) |
$ |
(0.06 |
) |
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Discontinued Operations |
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0.12 |
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— |
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Net Income (Loss) |
|
$ |
0.04 |
|
$ |
(0.06 |
) |
MAUI LAND & PINEAPPLE COMPANY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
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Six Months Ended June 30, |
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2013 |
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2012 |
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(in thousands except |
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share amounts) |
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OPERATING REVENUES |
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|
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Real estate |
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|
|
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Sales |
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$ |
— |
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$ |
1,500 |
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Commissions |
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191 |
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563 |
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Leasing |
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2,523 |
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2,981 |
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Utilities |
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1,783 |
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1,543 |
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Resort amenities and other |
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1,963 |
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2,175 |
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Total Operating Revenues |
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6,460 |
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8,762 |
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OPERATING COSTS AND EXPENSES |
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Real estate |
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|
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Cost of sales |
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— |
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149 |
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Other |
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839 |
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874 |
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Leasing |
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1,389 |
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1,315 |
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Utilities |
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1,094 |
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882 |
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Resort amenities and other |
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1,914 |
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2,097 |
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General and administrative |
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1,471 |
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1,858 |
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Gain on asset dispositions |
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— |
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(234 |
) | ||
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Depreciation |
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1,375 |
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1,464 |
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Pension and other postretirement expense |
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444 |
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532 |
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Total Operating Costs and Expenses |
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8,526 |
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8,937 |
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Operating Loss |
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(2,066 |
) |
(175 |
) | ||
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Interest expense, net |
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(1,200 |
) |
(1,100 |
) | ||
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Loss from Continuing Operations, net of income taxes of $0 |
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(3,266 |
) |
(1,275 |
) | ||
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Income (Loss) from Discontinued Operations, net of income taxes of $116 |
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2,282 |
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(3 |
) | ||
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NET LOSS |
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(984 |
) |
(1,278 |
) | ||
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Pension, net of income taxes of $0 |
|
390 |
|
370 |
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COMPREHENSIVE LOSS |
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$ |
(594 |
) |
$ |
(908 |
) |
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|
|
|
|
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NET LOSS PER COMMON SHARE—BASIC AND DILUTED |
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|
|
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Continuing Operations |
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$ |
(0.17 |
) |
$ |
(0.07 |
) |
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Discontinued Operations |
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0.12 |
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— |
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Net Loss |
|
$ |
(0.05 |
) |
$ |
(0.07 |
) |